6) Criminal penalties
(1) Provision under section 2(1) may not create a new offence that is punishable,
or increase the penalty for an existing offence so that it is punishableâ€”
(a) on indictment, with imprisonment for a term exceeding two years;

Assuming I have not read this wrongly it would, in a nutshell, allow ministers to repeal or create any new law they wished, without parliamentary oversight. It would enable them to create offenses at will (as long as the punishment did not exceed two years in prison).

This is outrageous, truly outrageous - and I'm amazed that it's not front page news. I only learned of this bill via pointers from friends.